venturcelerator
Entrepreneur Myth #5: All you need is have a great idea to succeed
Newbie entrepreneurs are susceptible to this mentality. I’ve seen it as an investor. Age does not determine this flawed mentality. It really comes down to the level of entrepreneurial experience. As I’ve already stated, ideas, especially good ideas, are important. But the idea is only the beginning of an entrepreneur journey. Having a great idea isn’t enough. You have to go through the journey of financing the venture, assembling the management team, advisory board and board of directors. You have to build the product or service, market it, sell it and support it.
The journey can be difficult at times. There are so many variables in play that can make the difference in the success of the venture. You could have all the pieces out together but if the financial markets are in the toilet, as they are currently, you may not be able to fund your venture easily. The consumer behavior of purchasing products, including yours, could change instantly due to economic conditions. If you’re developing a consumer luxury brand today, think twice. Consumers, even the high-end consumers, are not easily parted with their money now.
You must have a good idea to start. You may have to work your idea and modify it, but the basic principles and mechanics of the idea have to stand on their own.
The process is simple. Ha!
Idea Generation ⇒ Venture Formation ⇒ Management Formation ⇒ Product or Service Development (manufacturing included) ⇒ Venture Funding (if you’re lucky) ⇒ Product Launch ⇒ Market Acceptance ⇒ Sales Growth ⇒ Sales Collection (where you get paid and you collect the money) ⇒ Product and Operational Support (depend on sales) ⇒ Derivative product development ⇒ New Product Launches ⇒ Cycle repeats itself.
As you can see, idea generation is only one key component of the entire entrepreneurial cycle. You can f%ck up at any of these stages – and if you don’t have the capital to cover up your mistakes, you’re out of the business. Game fuc%ing over.
Entrepreneur Myth #6: You must be first to market
SUBSCRIBE to the PODCAST: Entrepreneur Myths on iTunes
The journey can be difficult at times. There are so many variables in play that can make the difference in the success of the venture. You could have all the pieces out together but if the financial markets are in the toilet, as they are currently, you may not be able to fund your venture easily. The consumer behavior of purchasing products, including yours, could change instantly due to economic conditions. If you’re developing a consumer luxury brand today, think twice. Consumers, even the high-end consumers, are not easily parted with their money now.
You must have a good idea to start. You may have to work your idea and modify it, but the basic principles and mechanics of the idea have to stand on their own.
The process is simple. Ha!
Idea Generation ⇒ Venture Formation ⇒ Management Formation ⇒ Product or Service Development (manufacturing included) ⇒ Venture Funding (if you’re lucky) ⇒ Product Launch ⇒ Market Acceptance ⇒ Sales Growth ⇒ Sales Collection (where you get paid and you collect the money) ⇒ Product and Operational Support (depend on sales) ⇒ Derivative product development ⇒ New Product Launches ⇒ Cycle repeats itself.
As you can see, idea generation is only one key component of the entire entrepreneurial cycle. You can f%ck up at any of these stages – and if you don’t have the capital to cover up your mistakes, you’re out of the business. Game fuc%ing over.
Entrepreneur Myth #6: You must be first to market
SUBSCRIBE to the PODCAST: Entrepreneur Myths on iTunes
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